UPMARKET department store group Selfridges has agreed to a é598m takeover bid after weeks of speculation over who would make an offer for the firm.

The bid has come from Canadian billionaire Galen Weston, who's family owns the exclusive Fortnum and Mason food store.

The group, which has two stores in Manchester along with the flagship store on Londonés Oxford Street, said the offer é worth 387p per share é was a éfair and reasonableé bid.

Although the deal has still to be backed by shareholders, some of which had reportedly been wanting a é4 per share offer, the deal would represent a 60% premium on Selfridgeés stock market value a month ago.

With plans for a regional roll-out of its stores in Birmingham, Leeds, Glasgow, and Bristol, plus the popularity of the é350m valued flagship shop, despite the recent disruption caused by the closure of the Central underground line, other bidders could still emerge for the company.

Former Scots sportswear chain owner turned entrepreneur Tom Hunter and a Goldman Sachs led consortium are among those thought to be interested in acquiring the company.

The company underwent a radical transformation under the guidance of previous chief executive Vittorio Radice, bringing in fashionable designer labels alongside its traditional stock.